Equifax score

[Anonymous]

Hello

So my Equifax score dropped because it's show's Time since last missed payment "0" months, that means I just missed a payment, well I did not miss a payment and there is no account on my report that show's missed payment, every account is current and paid, I only have 4 account's and I pay way ahead of due date. How is this possible, my score dropped 30 points and it could of been even worst because credit file hates recent missed payment. I am not sure how to try to fix this or what happened here, has anyone had something like this? Any advice is greatly appreciated

Thanks

[Anonymous]

What tool(s) are you using to pull your reports and scores?  For example, Credit Karma, Credit Check Total, myFICO Ultimate, etc.

[Anonymous]

I am using Experian credit monitoring, once a month a can pull credit report from all 3 while Experian is updated daily. I called Equifax today all they could say is I'm currently late 180 days on two student loans, which is wierd I paid of my student loans last year and they have 0 and closed and it's been like that since last year. I have papers from school they sent me to keep for my records. Every time I pulled report from every agancy like MyFico and CreditKarma Trans Union Experian even Equifax they all show these loans are paid with 0 and CLOSED as current status, but on the phone today they say now NO in are computer these loans are still open and you are late 180 days, I asked how can I be late on a 0 balance account they said, call your school

[Anonymous]

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@Anonymous wrote:
I asked how can I be late on a 0 balance account

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That's an important question.  The answer is that your lates are historical information.  Paying the account to zero doesn't make the lates go away -- they are still there and they will still hurt your score as long as they are on your report.  They will eventually drop off your report, roughly 7 years after they occurred, but that of course can take a long time.

Thus closed loans (as well as closed cards) can have a zero balance and still have major lates connected with them.  It is certainly an improvement to have paid them off, however.

Since you have access to all three of your credit reports, I suggest you look at each one carefully (Equifax, TransUnion, and Experian) and find out when your lates occurred for every account that you have.  It may be only the loans that have the lates, or it my also be other accounts as well.

You may also wish to pull your reports at annualcreditreport.com -- which is considered the "gold standard" for credit reports.  You can only pull your ACR reports once per year, however.

After you have carefully reviewed your reports, I suggest you head over to the Rebuilding forum.  Those folks are the ones here best poised to help you.  If you would like me to ask a moderator to move this thread over there, I'd be glad to do that.

[Anonymous]

I totally understand what you saying but, just an example, if I am late this month and next month and my credit shows two months late, ok, than I say I have the money I want to pay off what I owe so u don't chase me anymore to pay, you say, sure your payoff blnc is ?? I give the money you put on my credit 0 blnc acct closed, fast forward two years you can't say I'm currently late 180 days as I don't have anymore business with you it's been two years, the only business we have is the past that has to stay on my credit for 7 years but my last missed payment occured two years ago not a month ago, not trying to confuse but I hope you understand what I am saying

[Anonymous]

Right.  So there are two things at play here:

(1)  The "status" of the account (that's its current or present state)

(2)  The past history of the account

If you paid the full balance (including any fees and charges) and it was still open at the time you paid it off (i.e. they had not charged the debt off) then you are right: that brings its status up to paid.  That deals with #1. 

If the account had late payments in its history (#2) then these will be marked according to how severe they were: 30 Days Late, 60 Days Late, etc.  I think the most severe is typically "Greater than 120 Days" but maybe you can have a category life "180 days."

Regardless, I think you should pull your reports and very carefully look at what they say, both with respect to #1 (current status) and #2 (past history).  Then get help from the folks in the rebuilding forum.

[Anonymous]

Thank you
It's odd I see there is another person posting same identical situation like mine, posted 3 days ago